Donald Trump last week announced Former ExxonMobil boss Rex Tillerson to be the next US Secretary of State. The selection is being questioned as it appears he may have a compromised position from past business roles. Documents from the corporate registry in the Bahamas show that Tillerson held a long-term Directorship with a Russia-US Oil firm. What this may show is that Trump is going to be keen to smooth over the relationship with Russia, that under Obama was publicly frosty. However, the main question about Tillerson is the $200m shares in Exxon and his $70m pension in their fund. If negotiations with Russia are one of Trumps main plans, joint ventures into oil could help boost profits giving an alternative motive for potential future decisions.
The decision for Trump to bring in a major oil business leader lines up with some of the other bank and hedge fund managers that have received major roles. It does provide some insight into Trumps plans, that will become completely clear after the Inauguration on the 20th January. There is an expectation for Trump to introduce business and industry focused policies which I believe could help the US Dollar get off to a strong 2017.
Tomorrow there will be one of the US’s last major data release for the year as the Durable Goods Orders are revealed. There is expected to be a major drop to -4.5% from October which came in 4.6% higher than the previous month. The major drop could be partly down to the announcement of Trumps election as people held of making major purchases. Furthermore, there will be a Gross Domestic Product release which should show an improvement of 0.1% compared to Q3 last year.
US Data is eagerly anticipated currently as a continuous feed of good releases will raise hope of further interest rate hikes. If you have a US Dollar requirement upcoming being in touch with your broker could be the difference between trading at the high and the lows. In the last week, a $200,000 purchase had a difference of over £5000 depending on the timing.
Trumps pro business approach could be positive for US businesses and the wider economy, which in turn could bring further US rate hikes in 2017. Those looking to buy the US Dollar may be prudent in making a transfer sooner rather than later. Call us on 01494 725 353 or email firstname.lastname@example.org to retrieve a free quote.
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